for now, let us pause and give thanks to the fact that nelson mandela lived, a man who took history in his hands and bent the bar towards justice. south african president nelson mandela died at the age of 95 leaving the country in mourning. >> our nation has lost its greatest -- our people have lost a father.

>> elsewhere, the fed's richard bishop blames lawmakers for holding back the recovery ahead of what is expected to be a weaker payroll number in the u.s. economy. germany's central bank raises its 2014 growth target for europe's largest economy as evidence shows demand from within the eurozone is finally picking up. deutsche bank is to close its commodity business mainly in london and new york. display you're watching "worldwide exchange," bringing you business news from around the globe. >> a former south african president nelson mandela passed away last night at the age of 95. world leaders have been sending

message messages of mourning for the leader. >> he is now resting. he is now at peace. our nation has lost its greatest son our people have lost a father. >> for now, let us pause and give thanks to the fact that nelson mandela lived, a man who took history in his hands and bent the arc of the moral universe towards justice. >> nelson mandela was not just a hero of our time, but a hero of all time. the first president of a free south africa, a man who suffered so much for freedom and justice, and a man who through his dignity and through his triumph

inspired millions. on behalf of the united nations, i extend my deepest condolences to nelson mandela's family, the people of south africa and, indeed, our global family. let us continue each day to be inspired by nelson mandela's lifelong example to keep finding for a better and more just world. let's get out to chris bishop, correspondent at cnbc africa joining us from johannesburg. chris, what is the mood like there in south africa? can you describe it to us? >> well, it is very somber on the one hand. myself, i am starting to feel it now. there's a lot of people around,

a lot of people talking about, there's been a lot of tears and people waving flags, that sort of thing. the other side, i was just interviewing somebody who was an activist back in the day. we were telling stories, memories of the man and we were smiling and laughing. and i was thinking to myself, normally on a day when a great man passes, sometimes it's not seen as a sign of a day of levity, but i think that, you know, people are celebrating his life. people are celebrating what he stood for and they're celebrating a life well lived, a life lived for others on this day. in the days of mourning ahead, this is what we're going to see more and more. the great thing about this is there was a school of thought in this country for quite some time saying the presence of mandela, the survival of mandela was holding this country together, bearing in mind the similar

divisions in wealth and race that we still suffer from. but it seems that on the other hand, it may actually over the next week or so bring people closer together. i think it's another great legacy of the great man. >> i wonder if that is a vain hope. we've seen protests over tin equality between rich and poor, the high crime rates across the country. there's a feeling of need for some people about the racial and social tensions of south africa from this point. what happens from here? do you think mandela's legacy is strong enough to carry the country forward or do you think we're going to see, i guess, an element of unrest? >> well, i think whatever happens in the future and looking ahead to next year, i think this country has a big task ahead of it. i think this country has a long way to go.

i think it's going to make a lot of painful changes and reforms. recently, people have been saying that this country has been behaving as if nelson mandela just walked out of prison, that everything is going to be fine, all our problems are solved. but the labor unrest, which is kind of almost a side issue to the political problems, the labor and rest, particularly in the mines, which has been damaging to the economy, is a move amongst the workers to say that they are no longer going to go underground and risk their lives for very small amounts of money. i think that there's going to be a very interesting year ahead. i think that, again, you've got to remember this country 20 years ago was on the brink of civil war. you've got to see how far it's come. you've got to remember in this country there are attitudes which appalled the world which seems to be ameliorated as the

time goes on. i think there is that gloom of hope. >> thank you very much for that, joining me in london around the set is charles dumas, chairman at lombard research. emerging markets, many people, many investors have concerns about what they're dealing with they invest in these markets. one of the feelings is south africa had this very strong man behind the scenes, he was the head of the country for a while and segued over to other political leaders. does this still mean a peaceful transition. do you think nelson mandela's death changes the way people view south africa? >> not necessarily, but it concentrates the mind. and the issues for south africa

are obviously the things we just heard about in terms of labor and unrest. there's a broader issue. relative to the whole era since exchange rates broke down in 1973, u.s. is way undervalued. britain, 20%, japan 20%. this means that the whole advanced world is very cheap, which means necessarily the emerging markets are heavily overvalued. so that is a global problem not obviously affecting more equally, but -- >> this brings you back to the central point, though, that you think the u.s. is facing a cash fund, which is curious because we keep talking about asset reallocation towards europe. but you think the cash is going to find its home back in the states. >> well, the european growth was 0.3% in the second quarter.

0.1 is% in the third quarter. that's not what i call a spanking great recovery. spain has had a bit of growth, but spain had a major fiscal stimulus in the first half of this year while mrs. merkel was facing the other way and thinking about re-election. that's not going to be repeated. the emerging markets are in difficulties, as i say, and the result is that german exports at the moment are up from just before the crisis because of exports to emerging markets. so the german export machine is now having difficulties but the emerging markets are in difficulties. >> charles will pick up on this point in just a bit. charles dumas, the chairman of lombard street is staying with us.

this is how we're shaping up across european markets this morning. a bit of a mix between the red and the green, but on balance, the gainers have it. we're up about 0.3% on the stoxx europe 600. the german market has been one of the better performers this morning. still a gap to close as we close out the month of november. but nonetheless, the move has been a push higher on the top performance has been the likes of infineon. as we move on to some of the other markets, zurich, we've got some selling in shividon. nestle is under pressure. across the board on balance, you can see on these indices, the xetra dax 0.5%. across the periphery, there's an underperformance by the italian stock market down 0.25%. the big ticket item today is the nonfarm payroll number. employers are expected to add

180,000 jobs, down from 204,000 earlier. the jobless rate, while it is expected to drop to 7.2%, we've been asking our guests about their expectations. >> expectation is something close to the market consensus, which is 193,000. >> we're looking for somewhere between 185 to 200 in print on friday. >> we think a 200 handle is very achievable in the next several months. >> a slightly lower yields across the curve this morning. the exception being italy where the yield has climbed up 1.25%. on u.s. treasuries, we did get a move higher yesterday. we've got gilt closer to that 3% mark after we saw the autumn statement yesterday. so we're closing the gap, about 9 basis points off that 3% mark.

i want to move on to foreign exchange rates we are seeing across on this curve. euro, fairly steady after a change in this rate. mario draghi suggested that policy tools are still up in the air. he didn't sound overly dovish about launching further stimulus programs. that has been supportive for the trade. dollar/yen rates, 102 handle is what we're looking at today. australian dollar below 109. let's check in with li sish juan out of singapore. >> thank you, karen. asian markets wrapped up the week on u.s. jobs numbers and that could provide a tipping point for the fed trigger. the nikkei 225 stabilized, rebounding 0.8% after the 0.6% drop over the past two sessions.

the abe government unveiled the $54 billion stimulus package that's aimed at offsetting the sales tax in april. and the shanghai composite pulled further ahead. meanwhile, the hang seng index added 0.1%. elsewhere, south korea and australia both ended just a tad lower. as for individual stocks, chinese property stocks came under some pressure after the official china securities journal reported beijing may remove caps on property prices next year, replacing them with supply side indicators and concerns still linger over a potential property tax system. now for some outperformers, let's take a look at the region's apple suppliers, seeing a strong boost from hopes that

china mobile may reach a deal with apple to offer iphones. some phone displaymakers, cameramakers and case suppliers rebounded some 5% in today's trade. back to you, karen. >> sixuan, thank you very much update. charles has been telling us about this u.s. cash flood that you're expecting. are you saying buy u.s. assets, buy u.s. equities in 20 s14? >> things probably weaken at the moment because a lot of guys made a lot of money this year and they want to cash in and make sure they get their bonus. but temporary weakness, the basic flow is up. >> karls, to have another leg up in the u.s. markets, the revenues match up. you have to get that out of the corporates at the moment. but where is the revenue going to come from in 2014.

>> i would dispute that you have to get the revenue up. if you look at the late 90s, you'll find that u.s. profits peaked in the third quarter of 19 the 7, went down for four solid years until 2001 and the first half of those years were the bubble. the u.s. is basically sound and the rest of the world is in difficulties, in those days it was the asian prices in japan, these days it's overvalued of china and europe very slow and japan deflating the rest of the world with its devaluation. so there's happeeaps of reasons the money should go to the united states. >> if you look at technology, you've got outperformance by a lot of start-up companies, you've got enormous regulation, and you're seeing almost a rerating towards more

manufacturing in the states. when you talk about a stock market that's going to go higher, will it be across the board? >> the sectors are obviously going to differ from one another according to their prospects. we're optimistic about autos and parts, for example, we're optimistic about the banks, which has largely straightened out their problems and i think we're easily optimistic about tech because the tech earnings are remarkably stable. and, you know, the -- it's a volatile sector, so if the thing is going up, it will go up. i'm not suggesting for a moment that on valuation terms this market should be way higher. i don't think it's grossly overpriced at the moment, but i don't think it should be way higher. i'm simply saying that the weight of money will often take things up beyond what they're worth. >> many out there are still calling a higher ek market for european stocks in 2014 because we are seeing this turn around

in the economic story here. is that going to transpire when you add up the markets? >> i think the british market will do well. some of the exchange rates are taken on sterling. on the continent, as i say, the difficulty for germany and the german centered exporters is that the emerging markets are weak. and the difficulty down south is domestic demand is likely to have to be restrained because these guys are way outside their budget deficit targets. the brussels, frankfurt, berlin group will be trying to force them to comply. >> charles dumas, staying with us. coming up on today's show, let me tell you what's ahead. taper talks go into overdrive as markets await the u.s. jobs report. but as experts look at last

month's numbers, we assess how this could affect strategy. and capital markets dry up in the sector, we'll discuss where to find value at 1020 cet. the race is on to name asia pacific's number one tech hub. we'll take a look at the fastest growth technology firms. and world cup fever hangs in the balance as nations find out who they are playing. we'll discuss the travel implications at 1045 cet. ya know, with new fedex one rate you can fill that box and pay one flat rate. how naughty was he? oh boy... [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex.

deal or no deal? the wto is trying to reach an agreement. >> the right to food security of

the poor people, then only they will be saved. strengthening of wto is a shared responsibility of all the members, developing country as well as developed countries. those who are speaking up for the poor and hungry people cannot be blamed. >> the meeting in bali was originally scheduled to be finished at 3:00 p.m. local time. lisa, nice to speak with you again. tell us about whether we're likely to see a deal. is it false hope at this point? >> i don't think it's false hope, karen. the mood has picked up at these meetings here in bali. many of the delegates feel that the world's first multi lateral trade deal is inches away from getting this done. the closing ceremony has been delayed and we have been told

that negotiations are intense and they are ongoing. it's all down, of course, to one final issue. it's been the issue at these talks, which is the way the wto rules will affect india's state security program, subsidized products over this program. and india could easily reach that level and they would have to pay fines for the so-called moratorium, the so-called peace clause expires. so they are pushing to have that extended and that's what's being worked out right now. don't forget, there's an election coming up in india in may towards the end of the month. they don't want to have to go back to voters and explain the possibility of possibly having to scale back food subsidies. so this is important to them politically and they're not going to sack phi political capital at home in order to get a deal done at the wto.

india has been steadfast, public in their opposition, calling the deal on the table half baked and claiming the country us supporting them are vast. but behind the scenes, there's support. many trade ministers from the g-33 group of agricultural countries, they have broken away and are pushing for a deal which includes indonesia which is the chair of the g-33. so after 12 years of failed talks odohar round, this is the wto's last chance. it's true that the bali accord is a watered down version of doha, but it's still significant. the trade facilitation aspect could mean $1 trillion a year for the global economy. more importantly, this is a steppingstone to a more ambitious negotiation eventually on the doha development round to help lift poor countries out of

poverty. that's what everyone is keeping their fingers crossed for today here in bali. >> sounds like a long road for the long-term. lisa oake joining us from bali. the junior mining sector has taken the brunt of falling gold and silver prices. the etf has fallen over 60% in the last year. is the market here to stay or is it time to bargain hunt? rick is in london for the mines and money conference and joins us in the studios now. charles dumas is staying with us. rick, good morning. >> good morning. thank you. >> i was surprised to read your report about the fact that junior miners are having such a difficult time tapping markets. we know the markets have a lot of cash at the moment. why are junior miners not getting any airtime? >> i think a couple of reasons. i think their worst wounds were

self-inflicted. we had a bull market in the juniors from 2003 to 2010. and the overvaluations, the overcapitalizations were from a historic point of view really dramatic. simply put, it takes a lot of time to written out as much sin that existed in the sector. because capital is so cheap, the misallocations were truly legendary and the investors hold that against them as they should. the other truth is that the commodities sector itself and by extension the commodities equities are extremely cyclical and extremely volatile. and investors who don't understand the sector are unnerved by this. if you look back at the 1970 to the 1980 bull market, there was a secular decline in 1975, very similar to the one we're going through today which took the commodity price itself down by 50% and took the equities down

much further. >> this could be a value trap. explain why you think there are plays in the sector worth guiding into and picking out at this point in time. >> simply because it has fallen by 60%. any market that falls by 60% is often in one sense more interesting, particularly where it's a market that concerns something for which there will be ongoing demand. and there will be, history teaches us, ongoing demand for gold, ongoing demand for copper, ongoing demand for sulfates and phosphates. many people want alternatives in the form of metal for other mediums of schapg like money. the idea that mineral commodities will go out of favor entirely doesn't make sense. >> charles, let me get you in here. in this market rally, basic resources have been extremely

challenging to hold. do you think there is a value play in the sector? >> i think you can't deny the fact that if something goes down 6%, it's cheaper than it was before. and when it comes to gold, i don't think it's the same thing as mineral commodities in general because gold, as i read it, is money. and although it is of course commodity in india. but even they are looking through it and treating it at money. we've had a small bounce in the real u.s. treasury from miners, but not a fast disincentive to holding gold. and we also have, we think, potentially a very strong dollar. now, it's that, of course, means that people wanting money can hold the dollar and feel good about it. so that in a sense is mildly gold negative. but on the other side of it, you've got walls bursting out

all over the place. india may sort itself out and they like a lot of gold. so that turned things around. but if the dollar goes up, the key point, then the miners outside of the united states or outside the dollar zone become more profitable. there are a lot of arrows pointing in different directions here. >> on that note, rick, best way to invest in the sector, then? >> cautiously. it's a difficult sector. >> thank you very much for spelling it out for us. charles dumas is with us, as well. thank you very much. still to come on this show, nations compete to be named the fastest growing tech firms in the asia pacific. we'll head to hong kong for the list of tech titans after the break.

for now, let us pause and give thanks to the fact that nelson mandela lives, a man that took history in his hands and bent the arc of the moral universe in justice. tributes poured in for nelson mandela, who died at the age of 95, leaving a country in mourning. >> our neigh has lost its

greatest son. our people have lost its a father. >> richard fisher blames lawmakers from holding back a recovery ahead of what is expected to be a weaker payrolls number, accusing congress of throwing sand in the engine of the u.s. economy. germany's central bank raises its 2014 growth target for europe's largest economy as evidence shows that demand from within the eurozone is finally picking up. and deutsche bank closes its commodities trading business in the face of tighter regulation and falling profit. the cuts coming mainly in london and new york. nelson mandela has died, age 95. he spent 27 years in prison under the apartheid regime.

he went on to become south african president and was awarded the nobel peace prize. nbc's brian williams filed this report. >> to deny any person the -- is to challenge their very humanity. >> nelson mandela called his life a long walk to freedom, a struggle to end south africa's racist system of apartheid. as a young lawyer and activist, he initially advocated peaceful resistance until the 1960s sharpville massacre. >> police fired point-blank into the crowd. >> south african police killed scores of anti-apartheid demonstrators. for nelson mandela, it was a turning point. >> many people feel that it is useless for us to continue talking peace and nonviolence against a government whose reply

is only savage attacks on an unarmed and defenseless people. >> mandela's african national congress, the anc, was banned. he became an outlaw, but he refused to back down. arrested in 1962, mandela was charged with sabotage and with attempting to violently overthrow the government. he was convicted and sent to life in prison. for years, for decades, the struggle for justice in south africa continued with the imprisoned nelson mandela as its symbol. at times, he was forced to break rocks in the hot sun for hours at a time. the government offered mandela freedom if he would renounce violence. he refused. >> today marks the 25th year behind bars for nelson mandela. >> south africa became an international outcast, facing sanctions, boycotts, and growing political pressure.

>> nelson mandela should be released to participate in the country's political process. >> rock concerts for the cause were broadcast around the world. ♪ hey mandela >> in 1989, south africa's hard line president resigned, replaced by f.w. de-clark who slowly began to dismantle apartheid. the ban of the anc was lifted and on february 11th, 1990, nelson mandela walked to freedom. >> nelson mandela, free at last and back among his people. >> i greet you all in the name of peace. >> 27 years in prison had not weakened mandela's resolve. >> as long as the government has not responded to our citizens.

>> but he urged strength, telling blacks to throw their guns into the sea and reassuring whites. >> we want them to feel safe. >> mandela's courage and sacrifice were recognized around the world. in america, he was welcomed as a hero. mandela and the clerk were awarded the nobel peace prize in 1993. the following year in the first mixed race election in south africa's history, nelson mandela was elected president. today is a day like no other before us. >> we were the first to interview him on that first morning as president elect. mandela tempered south africa's joy when he said healing his country would take time. >> it cannot be done overnight. it is going to take a year, two years, even as much as five

yea years. >> from enemy of the state to head of state, nelson mandela's walk to freedom became a journey jared by his entire nation. >> i have never been so excited and hopeful in my life in south africa as i am now. >> years later, nelson mandela paid a return visit to his former prison cell, this time accompanied by president bill clinton who later presented him with the congressional gold medal. mandela stepped down as president in 1999, but he lived long enough to see the united states elect its own first black president. and in 2011, he was paid a visit in south africa by first lady michelle obama who brought along first daughters malia and sasha. admired around the world and revered at home, nelson mandela's south africa embraced

a future and he leaves a legacy of freedom and proof that one life can make a difference. >> we are one country. we are one people. >> let's just take a look at the johannesburg stock market. we saw in the past half an hour, there was a five-minute pause to trade to go mark mandela's passing. it's been one of the stronger performers so far this year, 13 plus percent the size of the gains. the currency, the opposite story that we've seen pressure on the south african rand of late. dollar/rand rates are up, which means the rand has been down 24% so far this year. we've seen further gains extended across the xetra dax. still a couple hundred points as

what we had in november. but 0.4% on the ftse. the cac extending its gain now with the ftse. but this is nonfarm payrolls. the market is very much looking to see what the jobs number is going to be out of the state. bund markets today, we have a level of 11.85% on german bonds, treasuries in trade today. but we did see that move closer to that 3% mark in session yesterday. 2.86% on the board currently. almost at 3% for gilts there. and italy, 4.25%. let's just dive into how the dollar has been hold iing as th trade continues throughout the morning session. a basket of different currencies. against the yen, we're at the 102 handle. firmer now, up 0.4%. don't forget on the level of 103 is what we saw earlier in the week, that six-month high we saw elsewhere on the euro/dollar

rate. steady this morning. there's been a little bit of support kicking into the trade after mario draghi has put a few question marks out there about which policy talk he's likely to enact next. >> jpmorgan is warning 456,000 of its pre-cade customers, that hackers may have accessed its information. it's not currently clear what data was stolen. jpmorgan has since notified the secret service and the fbi, but there's still no word on would carried out the breach. details were taken from more than 318,000 facebook accounts, 70,000 google ones as well as a number from twitter, yahoo! and linkedin and others. it's always a shame when accounts have been hacked.

you feel the need to go out there and change your password just in case. in the sector, the top 500 fastest growing tech media companies ranking by deloittes is out today. china comm media group topped the list and china dominate tess list having the most fastest growth firms in the region. jonathan barker joins us now. good to have you on board on. these are staggering growth numbers that we're seeing. it's even higher if you look at the top five, 10.5 thousand percent. i didn't know it was possible to have that kind of growth. how is this?

>> we've seen a consistent massive growth rate. 10,000% for the top five. over 357% for the top 500 businesses in asia pacific. we have been it's sustainable. that growth has been achieved despite an immense target. we've seen businesses continue to thrive in india and in china and a lot of the growth in china and in taiwanese business is focused on that chinese domestic marketplace. business to cop assumer operations are developing rapidly, particularly in the mobile world. >> is that the story here? now it's software. so how do you think this trend

lasts? >> well, from our point of view, if you look at where we're seeing a rapid, rapid growth in mobility through a reduction in the average selling price of devices, so you can now get a smartphone for sub$200 in most of the markets that we're talking about. we're seeing ongoing growth in the middle class and, of course, the ability to spend in significant levels is reaching much more deeply into china, society and across the region. so our view is that software will continue to be enormous possibilities. people build out new markets, they grow market share and they see a continued transitioning of people into the mobile world from a much more fixed base world over the pc, for instance. so we see this continuing for at least the next two to three years. >> the revenue picture is very

difficult and i can't find anything to report about profits. how much is this delivering to shareholders throughout the day? >> quite an interesting stat. we're looking at over 50 stocks likely to come through ipo in china. those are businesses driving terrific revenue growth and, of course, you can deliver very cheaply around infrastructure today as a result of the cloud. you can deliver relatively cheaply in terms of the talent that you need to access that can be very close to the markets that you're serving. so we are seeing many of these businesses become profitable relatively quickly. the challenge is how significant is that profit going to be? certainly the market tells us and with the appetites of technology ipos amongst that 50, that it looks very strong.

and you can see once you achieve it, as we know, with the great software orientated businesses of the world, if you're a winner, you can sustain profitability very quickly. >> that tells a story for those chasing alternative investments at the moment. thank you so much, julian barker at deloittes. japanese carmakers are ramping up sales of fuel efficient cars in southeast asia. fushiko has the story live from tokyo. good morning. >> hi, karen. japanese carmakers have an 80% market share in the region but are making new investments as local authorities are promoting clean vehicles and the number of people buying cars is on the rise. mazda will invest $190 million

to open a new engine factory in thailand. suzuki is spending about $910 million to build a new factory in indonesia. toyota has a fuel efficient car especially geared for markets. hon ta is plannin to produce hybrid engine cars in the region, expecting local demand to speed up. new car sales in southeast asia are expected to expand to 5 million in 2019, in line with the japanese car market. jok volkswagen and gm are also planning to heavily in vest in the region. let's give you a look at what's coming up over the weekend in asia. india's state elections ring

true as it leads to sunday. china's november trade figures are released on sunday followed by inflation on monday. and in japan on monday, october current account balances and revised third quarter gdp, so another read on abe-nomics. coming up after the break, fans hope to avoid brazil when the world cup tournaments are announced later. or will they be avoiding the world cup itself due to rising costs?

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chief executive alexander medvedev called a notion primitive in an interview. shares of natural gas are down nearly 60% so far this year. standard & poors have revised its credit outlook for

ghana. s&p affirmed its long-term rating. and in the meantime, football fans will be nervously keeping their fingers crossed later when the long awaited draw for the 2014 world cup is held in brazil. teams will be hoping to avoid the host nation, who are hot favorites, while germany, argentina and spain are picked to do well. once it's finished, focus will shift to issues in the country. chris pickard joins me on the phone. chris, it's not just a little draw in a room with a couple of people calling out some names. there are a lot of fans there around this. >> there will be a lot of fans, a lot of famous footballers in the room who will be helping

with the draw. they are hoping it will go more smoothly than it did last time for south africa. they've done a test run of all the stuff. strange enough, brazil ended up with a group in australia. they're hoping today's draw gives them a more favorable group. >> fans finally get a sense of where they have to go if they want to follow their team. this has been one of the issues. because it's such a last minute decision all at once, many people will have to flood the internet to try to get accommodation and travel. are we going to see profiteering by the operators and hotels and airlines? >> strange enough, if you have the profiteering, it's more fifa who have taken over the hotels and it's their own company match who are handling and have got most of the websites. you have to go on the fifa website to get those rooms which have been booked by them which won't be released until the last

minute. so tour operatorses already have their contactes and that's probably a better route. >> for some of the fans, you have to be hard core. any advice? because you know this country well. what are your tips for getting around brazil? >> you're right right. you can drove europe right in brazil and have a lot left over. so the thing is, to work out where you are going, it has to be huge distances between games. that is going to be a six-hour internal air flight. so people can't think they're going to rent a car and drive or get a bike or something. it's going to take a bit of planning. and my advice is, you know, check with flights these days, check all the days. don't just say the game is over and i'm going jump on a plane. it may be if you ann hang around in the town for a day, you might

find the cost of the flight will go down favorably. have a look about a couple of days before or even miss the first game and you could save yourself hundreds in rising. >> we had the disastrous events with the stadium that will host the opening cup in sao paolo. we saw a collapse of the roof. do you think some people are going to, i guess, stop going to the world cup because they're concerned about how ready some of these venues will be? >> oh, they'll be ready. last year, brazil was building its new stand for the parade of the karn fall vools in rio. that all came down to almost the last day before it was finished. but don't worry, they will be on time and they will be safe. brazil has quite stringent

safety regulations. i think people have to think, do you want to go to a world cup in brazil? this is a once in a lifetime opportunity. brazil is a fantastic place to be for the world cup even when they're not hosting it, so it's going to be something to remember. >> and any expectations about what we're going to see in terms of who is the top of the leaderboard? >> i know the brazilians very well, but their nightmare would be argentina winning in their own country. the feeling of the europeans of when they look towards europe is that the strongest team is germany. they feel germany has gone through a couple of world cups playing pretty football and not delivering and this may be germany's time. but to be quite frank, anyone who is going to win it will have to have quite a bit of luck on their side. there's going to be some nasty groups today. there will be a few managers

concerned about who they do have to play to get through the group stage. >> chris, thanks so much. chris pickard. in zurich and italy, the sale will net the world's biggest at 1.114 billion twis francs. nestle is at the bottom of the shares today, down on the order of 3.5%. nestle getting a pop up 11.4%. hi honey, did you get the toaster cozy?

yep. got all the cozies. [ grandma ] with new fedex one rate, i could fill a box and ship it for one flat rate. so i knit until it was full. you'd be crazy not to. is that nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex.

for now, let us pause and give thanks to the fact that nelson mandela lived, a man who took history in his hands and bent the arc towards justice. our nation has lost its greatest son. our people have lost a father.

in business news, the fed's richard fisher blames congress for throwing sand in the engine of the u.s. economy. deutsche bank facing tighter regulation and declining coffers. germany's central bank raises its 2014 growth target for europe's largest economy has evidence shows that demand from within the eurozone is finally picking up. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> south african president nelson mandela passed away last night at the age of 95 years. world leaders have been sending messages of condollance for the nobel peace prize lauret.

chris bishop is a cnbc correspondent from south africa and joins us from johannesburg. chris, what is the mood like there in south africa itself? >> well, as we predicted, there's a lot of celebration and almost dare i say joy, a celebration of the life of the man. we're doing so much interviews now with people who knew him and everybody has a story. people are smiling as they saw him, people were laughing. i was reminiscing earlier saying they defended him at his trial, he said, oh, hello, meet my lawyer. he helped secure me 27 years in prison. he was that kind of a person. he left that impression on everybody. i remember when i asked him if

he was going to mary grafa michelle about 15 years ago. he said the problem is these young women, they won't marry an old man like me. despite the fact that thee days later he announced getting married again. people are singing, celebrating, it's a very, very joyous celebration of the great man. >> he led a very full life and three wives in the course of that time, as well. let's get out to steven england now who is the global head of strategy at ct. steven, i wanted to ask you about how the south african currency has been sharing. but this year we have seen a suitable decline in the order of 20 plus percent. do you think the passing of mandela does much to the way investors view the south african trade? >> he hasn't been much involved

in political life for many years now. it's hard to see how we are going to have an impact on policy. at times when countries are facing difficulties, such an event leads them to focus more and cooperate more. but we'll have to see. i don't think the markets will react one way or another. >> commodities have been under pressure as a whole. the australian dollar has been selling off as of late. do you think this is passing ahead of tapering or is there something fundamentally wrong with these commodity currencies now? >> well, what's fundamentally wrong is that they all have current account deficits and they have current account deficits even when commodity prices were at their peak. and it's pretty clear that chinese growth is growing. it shifted away from the heavy commodities driven industries. there's a lot of investment over the last couple of years, pushing up gdp, and they're all

looking to find a way to replace the stimulus that they've had from that commodities sector, from its growth, and that's going to be hard to find. weakening the currency is the most obvious path to follow and they're all doing it. i think in g-10 it's done as a o policy tool. >> traders on g-10 today with the u.s. nonfarm payrolls coming out, steven england, i'm going to ask you about that in just a bit. now we're shaping up in equity markets, ahead of that all-important jobs number out of the states, so far we've got a market that is moving higher, 0.4% firmer is the early picture. the german market has been strong today. you're seeing selling across on the periphery. you can see the state of play. you can see the xetra dox nax n 0.6% higher. it is gaining pace through wrought the morning session. this market has been one of the

laggards. it is keeping pace today. the french market firmer, too. above 4,100 points. but the italian market selling down 0.7% 17,865. the numbers we're looking at today are stateside and it's all about the jobs market. employers are expecting about 180,000 jobs in the payrolls in november. this would be done from 104,000 among previously. however, the jobless rate is expected to drop to 7.2% from 7.3%. we've been asking our guests about their expectations for the number. >> our expectation is something pretty close to the market consensus, which is 193,000. >> we're looking for somewhere between 185 and 00. >> we think a 200 handle is very achievable in the next several months. >> we did see a strongerthere i there that we won't see the fed

taper until next year. but still, the market is having a just in case pricing around december. german bunch are at 11.835%, the price going higher. we're seeing a bit offen elevated yield across on the periphery. gilt has been closing that gap between 3% after what we're seeing, which is a recovering story here in the uk. the autumn statement by the chancellor yesterday showing just what the recovery is looking like. forex market have been responding, as well. mario draghi is still putting question marks out there whether policy tools will be enacted in the eurozone as the recovery starts to pick up some speed. dollar/yen rates, 102, a slight increase by 0.4%. 0.90 5 on the aussie.

this is how asia markets are faring today as they wait for the jobs number out today. li sixuan out of singapore. >> market wrap up the week on a mixed now as waiting for the u.s. jobs numbers. the nikkei 225 stabilized, rebounding 0.8%. after the 6% drop over the past two sessions. the abe government unveiled a 15.4 billion stimulus package that's aimed at offsetting the upcoming sales tax hike in april. and the shanghai composite pulled back by 0.4% ahead of key data at home including trade numbers, inflation and industrial output. meanwhile, the hang seng index in hong kong added 0.1% with internet giants hitting its all-time highs. elsewhere, south korea and australia both ended just a tad

lower. as for individual stocks, chinese property stocks came under some pressure after the official china securities journal reported that beijing may remove cap on property prices next year, replacing them with supply side indicators and concerns still linger over a potential property tax system. now for some outperformers, let's take a look at the regions, apple suppliers seeing a very strong boost from hopes that china's largest mobile carrier china mobile may reach a deal with apple to offer iphones. some cameramakers, case suppliers rebounded some 5% in today's trade. back to you, karen. >> li sixuan there. let's take a look at what's coming up today in the states. that is on out at 11:30 gmt. the report will give us nonfarm payrolls and a new unemployment rate. 9:55 a.m. will bring the michigan consumer sentiment

report, a key economic indicator as we approach the middle of the holiday shopping season. don't forget the consumer numbers. and lastly, we'll see october consumer credit at 3:00 p.m. today. steven gland is staying with us. steven, how are you positioned ahead of the nonfarm payrolls? >> you know, we think that the numbers are going to continue to reinform the view that the tapering risk is sooner rather than later. a lot of the market was thinking it would be march or beyond. and what we've seen the last couple of days is that probability shifting into the near term, partly on the back of stronger data, but partly on the back of comments from fed officials that look as if the economy is meeting the criteria that they were setting up and that they're eager to get out of the quantitative easing or at least to slow it.

so with a good number, say around 200,000, we can see bond yields backing up a bit and that tapering expectation rise. with that said, i think the last couple of days, the market has really been ajusting to the new reality that tapering is likely to come. that's why we've seen some pressures in markets, we've seen bond markets, volatility run up. market was caught a little bit short going into this week and now it's adjusting. >> if bond yields are back up, how much higher are we looking at, 2.85%? >> we've been looking at the bond yields. north of 2.85%, the peak we saw in september when everybody thought they were going to start tapering in september and finishing in june 2014 was around 3. so at this stage, we would say

that a substantial amount of tapering risk is probably priced in. the amount of damage that a 200,000 jobs number will do is more limited now than what it would have been a week ago when we were trading with a 2.70 handle. but i think the market is slowly reconciling itself, and the good news, which is very important, is that unlike september, the market really believes that the fed will keep policy rates low for a long time. in september, you saw this backing up of expectations of policy rates at the end of 2014 and the beginning of 2015. and right now, what you're seeing is those policy rate expectations really anchored and that's just what the fed wants. it's a more positive market environment. >> steven, some people note the correlation between the dollar and the u.s. ten-year treasury yield has broke b down of late. do you think that is the case? >> well, it's kind of broken down the last two or three days.

which isn't fair to judge a correlation. but i think the key issue is this -- that what we've seen over the last couple of days is the market has had to adjust rapidly its expectations of tapering is that volatility indications, indication of risk, the vix has backed up and that offset a lot of the positive impact that a higher interest rate has on the currency because risk managers tell you you can't hold as much, that they're worried about their value at risk. i think, though, that the volatility won't come down and we'll see the dollar rally again. >> steve, we've got more time with us. steven englander with some ideas there for us. let's take a look at today's other top stories.

deutsche bank has pulled the plug on commodities trading to become the first bank to exit the sector due to pressures. it will cut 200 jobs as it sees energy, agriculture, metals and trading. separately, an employee of deutsche bank's japan unit has been arrested in tokyo over allegations to win investment business from a blue chip company. the arrest is part of a broader government probe into the management of the country's 27 trillion yen public/private pension sector. deutsche bank shares today are down 0.5%, compounding the falls that we've seen in the past few days, down just over 0.3% over seven days. one of the other big movers out there today, nestle is selling its 1.14 billion swiss franc state in givaudan. it will be managed by goldman sachs. the sale comes as nestle looked

to shed underperforming businesses. the share price, nestle on the up 1 plus percent. givaudan, falling in zurich to the tune of 3.72%. royal dutch shell is set to pull out of a gas project in louisiana. the dutch oil and gas company said it wasn't a viable option. development costs were the reasons cited for the suspension of future work. the share price gaining 2.7% in today's trade. these are your headlines today. after a long battle with ill health, former south african president nelson mandela dies at the age of 95. global markets on their hands ahead of the all-important u.s. jobs number for november and germany's central bank raises its 2014 growth target for the country's economy, claiming demand within the eurozone is

finally picking up. the bitcoin doom has taken the world by storm, but fears over the rise in the new currency justified or just hot air? we'll hear what the cfos are telling us about the bitcoin trade. ♪ ♪ stacy's mom has got it goin' on ♪ ♪ stacy's mom has got it goin' on ♪ ♪ stacy's mom has got it goin' on ♪ [ male announcer ] the beautifully practical and practically beautiful cadillac srx. get the best offers of the season now. lease this 2014 srx for around $349 a month. during the season's best event from cadillac.

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in a cnbc survey of ceos, it follows risks attached to bitcoin with the chinese and french banks. steven, the whole bitcoin notion, is it ludicrous for a currency trader? >> it's not ludicrous. we trade a lot of currencies and many things are traded in the market. you know, the issue with bitc n bitcoin, when i first started looking at it was the fact that i could put out englander coin and we could put out mitt coin. the technology is there. it's pretty open technology, it's easy to replicate. the question of what anchors its

value, many people say it's the first mover advantage, but i can give you the passwords of 21st movers that i subscribe to that no longer exist. it's a fragile type of equilibrium that bitcoin has. >> steven, thanks for that, steven englander staying with us today. still to come on this show, christie's auction house says a guitar used by bob dylan in 1965 could seld fl for $500,000. tune in after the break to find out more about that. 0

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at the new port music festival in 1965, bob dylan upset folks around the world by choosing to switch to an electric guitar. the movement is considered a turning point in popular 20th century music. the guitar used on that day will be auctioned by christie's as a show piece. the prize for a slice of rock history is estimated to be between $300,000 and $500,000. i am joined on set by allie who is a memorabilia collector. how much do you think the electric guitar is going to go

for today? >> i think $500,000. >> half a million. what puts you in that category. why do you think it's $500,000? how do you rank this? >> judging on all the other ones that went before. >> what else has gone before? >> john lennon almost went for $1 million. there's another one sold for rolling stones, $300,000. so it's easily, maybe more. >> we said a moment ago this is the first time an electric guitar had been used in concert and marked sort of a landmark in the history of music. given that nature, does it price tag go up? is there a correlation between this? >> yes, definitely. it will keep going up, i don't know for how long, but it's going up now and maybe in the future. >> i want to know who is going to be in the crowd at the auction house. who is going on to be there with their paddle. is it rock fans and investors? >> it's more rock fans, but lately investors come from all

over. there's investor companies now. they're buying all the media for john lennon and everybody else. >> we've had conversations about alternative investments and you particularly see this when you have a stock market reeling because people are looking for a place to park their cash. but if someone bought it and was to hold on to it for the five to ten years, what would it be worth down the line? >> well, i would say maybe delaware easily. i bought mine for about four years ago. it's now up five times. >> this is going to what exactly you were. you've got a similar guitar. >> yes. by brian jones. >> what does this guitar look like? >> exactly similar to the one that today is for sale with bob dylan one. and it was the first guitar that the rolling stones used when they were just starting between '62, '63. they composed the first record in it.

>> have you tried to sell your guitar? >> no. >> and you think it has a $500,000 number attached to it? >> now at the rock and roll museum in america or higher. and they insure it for $500,000. >> what else is in your collection? >> i've got over 200,000 items. we have clothing, i have guitars, i have all the documents, contracts, everything, posters, everything. >> it's kind of like you keep a close stock of what is in that collection. what is your favorite piece inspect. >> mick jagger's dress for 1972 for the 1972 he played in america and all over the place, which was very good. and i would like to get it. >> this is not the usual conversation we have on this show. how on earth did you get into memorabilia collecting? >> it's a long story, but i

started about 15 years ago collecting records .newspapers and i started going to auction houses. >> i could get into this. i think my parents have a record collection at home. i might dust it off for christmas and start my very own collection. >> yes. >> thank you so much for stopping by. plenty still to come on the show. it didn't happen in october. could it be december? we're going to preview the day's u.s. jobs report and the impact it might have on fed tapering straight after this.

now, let us pause and give thanks to the fact that nelson mandela lived, a man who took history in his hands and bent the arc of the moral universe towards justice. >> tributes pour in for nelson mandela who has died at this age of 95 and left a nation in mourning. >> our nation has lost its greatest son. our people have lost a father. the fed's richard fisher

blames lawmakers for holding back a recovery ahead of what is expected to be a weaker payroll number accused the congress of throwing sand in the engine of the u.s. economy. deutsche bank has made cuts mainly falling in london .new york. and germany's central bank raises its 2014 growth target for europe's largest economy and shows demand from within the eurozone is finally picking up. >> announcer: you're watching "worldwide exchange," bringing us business news from around the globe. our top story today, a form ur south african president nelson mandela passed away last night, age 95. keith looks back on his life. >> the south africa that nelson mandela was born into more than nine decades ago will never be

the same because of him. his lifelong campaign for racial equality made him a hero to the people. and at one time, an enemy of the state. a massacre of unarmed black demonstrators in 1960 moved mandela to abandon his nonviolent campaign for change. >> it is useless for us to continue talking peace and nonviolence against a government whose reply is only savage attacks. >> mandela's tribal name translates as the one who stirred up dust. mandela stirred autopsy storm fighting for democracy. >> it is a gift for which i am prepared to die. >> first arrested in 1962, mandela was eventually convicted of sabotaging to overthrow the government. for 27 years, prison bars

confined the man, but not his calls. as generations have never seen him kept his campaign alive. in 1990, buckling under internal strife and international sanctions, the white minority government abandon apartheid. >> the government has taken a firm decision to release mr. mandela unconditionally. >> mandela emerged from behind bars to resume his campaigns. but tribal animosity and political division erupted. the bloody birth pangs. and there were personal problems, but nothing could deter mandela in his quest for racial equality. >> for our personal freedom. >> his work was recognized with a nobel peace prize as south

africa's first black president, mandela remained a humble man. taking delight in a new york ticker tape parade, dancing at a convert in his honor, meeting with world leaders and his hero. as promise, he stepped down from president of south africa after serving one term. >> south africa has been a state to almost the whole of the 20th century. mandela's legacy stands against him. that is one of the best and most optimistic qualities that he hands to the people of south africa. >> and he admired a young senator, barack obama, as he stood in his prison cell. years later, he met mrs. obama and her daughters. by all accounts, the measure of this man can be taken by what he wants to be remembered for. here lies medicalson mandela,

said a man who has done his duty on earth. keith, in his news. >> let me show you how investor sentiment has been around south africa so far this year. a bit of a slow start. most of its gains staggered towards the second half of this year. 13 plus percent. a decent performance, hasn't quite matched up to the developed markets for gains we're seeing so far this year. pausing for five minutes in the market session for the passing of mandela. some people are concerned that it means social and racial divides could escalate again. this is how the rand has been performing so far this year. it has been under pressure. so the market has seen a pullback in the rand over the course of this year. in trade today, there's been a little bit of a softening up to

the brand. u.s. futures, let's move on to that and see how the u.s. market is shaping up after five straight days of declines and might suggest it could stop this morning with a little bit of green on the charts so far today. t u.s. nonfarm payrolls day. yesterday we saw growth numbers came in stronger than expected. but this is in a build up of inventories. so the numbers today could be the final ticket, giving us indication of the timing of tapering by the fed. speaking of which, the news of keeping some of these markets trapped today in particular across from the periphery. selling by the ftse mib. down 0.5% now. it has improved slightly from the last check when it was down about 0.75%. across from the rest of the markets, gains on the german markets, still strong in france and pulling back from the levels we saw also for the uk, 0.4% is what we're holding on to. how do you make money in these

markets? >> if you take a step back, we've seen the dollar trade strong over the last couple of weeks. so i think the price action we've had in the past couple of days has been unwinding some of this strength. and where we've seen some of that strength in the dollar is against the risky currency with the g-10, the aussie, the kiwi and against the emerging market currency. and when you look at the dollar performance over the past couple of weeks, it seems a strong farm payrolls number is priced in. >> we've been underweight duration down when yields were 32%. gilt yield should at least get back to 3%, 3.5%. the reason being, we look back to 2011 when greece was supposed to be leaving europe and spain and italy, yields back then were 3.5%. that's not happening. there's no reason why yields should have been down at these levels. we're waiting for yields to back

up next year. >> it believes yields are pushing turn end of this 2.5%, 3% range that we've got at the moment. news to tell but on the wto in bali. we've been reporting that india has been a hold out today. but some of those concerns over food security have been narrowing. now the wto chief is preparing to submit a draft text of a global trade deal for agreement by the four wto might be. so it does signal that progress is being made and perhaps there will be a deal struck after all. the u.s. jobs report will be released this morning at 8:30 a.m. eastern time. economists are expecting to see an addition of 180,000 jobs in november, bringing the

unemployment rate down to 7..2%. it would be less than october's growth at 204,000. a strong report today could fuel fears of the federal reserve and begin to taper down its bond buying program. mike, what do you think the payrolls number is going to look like today? we're seeing some fairly abnormal numbers across the course of time. is 180,000 going to hit the tape today? >> yeah, good morning. i think it actually will. the october number was strong and i think november is going to be strong, as well. >> is this a signal if we get 180,000 for the fed to start tapering in december? some of the data points, and the job number was revised higher. >> yeah. so economic growth has been strong. i think tapering is on the table. but i think you need a few more

months of some pretty steady growth for them to really act on it. >> that's the point, isn't it? the pieces of the puzzle, steven, whether we are seeing a strong enough consumer. so far, the black friday and cyber monday numbers are showing a little bit of caution for main street. do you think the fed will be mindful of this? >> well, i think the fed is determined to hit its employment targets and, you know, if we do get a strong number, in particular, our economists are expecting the unemployment rate to drop to 7.11%. they've been emphasizing the recovery will be ongoing. we're close to meeting those criteria i think. december is an issue partly because of the timing, the fed

meeting comes at a low liquidity point in the market and they may hesitate to taper right before christmas. when, you know, even small imbalances in the market could generate a lot of volatility. but i think at the end of the day, they will give a strong signal if the numbers are strong that tapering is in the cards. >> mike, we've been told to watch the data and in particular that unemployment rate because this is one the thresholds are looking at. but there is a feeling that even next year the unemployment rate could fall massively because of consolidation out there by washington budgets. what relevance are you putting in that unemployment rate? >> yeah. so i think unemployment rate is interesting in that it is based on the surveys of people in the workforce. and there has been a huge drop in terms of people in the workforce. so i think one of the other

things that's been interesting is the accuracy in turnover. we've now started to see it for the first time, so in business professional services, we've now had over 400,000 voluntary quits as measured over on the last three months and that is a sign that there is more activity in the workplace. people have more confidence in the jobs market and are willing to take that move. the fact that people can now go out on and urge employers for a higher pay packet doesn't suggest real confidence in the job market. >> yeah, it really does. that is a good sign of people having that confidence. i think you're finally starting to see some movement in terms of what people are willing to do.

they're willing to take that risk in terms of employment and the mcdonald's example is a really good one. they have that confidence that there's no risk for them and there's other opportunities in other places. >> mike doneny, thanks very much for all the perspective. steven englander is staying with us today. one of the world's great figures has gone. after the break, we cross live to outside the home of nelson mandela for more on the sentiment after the passing of a man very instrumental to the apartheid movement. stay tuned. we'll be right back. hi honey, did you get the toaster cozy?

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after a long battle with ill health, former south african president nelson mandela dies at the age of 95. global markets on their hands ahead of the all important jobs number for november. and germany's central bank raises its 2014 growth target for the country's economy, claiming demand within the eurozone is finally picking up. former south african president nelson mandela passed away last night at the age of 95 years. world leaders have been sending messages of condolences for the

nobel peace prize laureate. keith joins us froum outside hi home. give us a sense of what's taking place there. hello, karen. in part, it's fairly -- as you would expect, the father of this nation, a generation ago, spanned a democratic south africa passing away late at night. but look around us. this is not somber. this is incredibly celebratory. over the night and over to last few hours, as well, we've seen hundreds of people trying to turn up, lay flowers, lay cards. em people have been bringing their families because they recognize this is a significant day in the short history of this young country. and many people have been singing a so-called struggle song, the songs of the ant

anti-apartheid movement. the tunes that you haven't heard very much around these parts for a generation or so. and why they are here is to celebrate the life of nelson mandela, but to celebrate the life that they've been able to have as a result of his sacrifice. people had gotten used to the fact that he was incredibly fit, he was put into hospital around six months ago. he had been critically ill for around four months. people were aware this moment was going to happen. it was entirely predictable. he's a 95-year-old man with a serious respiratory illness. although it was predictable, it was still painful. but today, i think we've seen a switch in the mood and people here coming to celebrate the life of nelson mandela and to celebrate the success of modern south africa. >> some of that atmosphere is coming through on the screens here. thank you so much for setting

the scene here. a man that certainly leaves a very strong legacy. elsewhere, new regulations coming soon for chief executives on wall street. kayla tousche has the street live. kayla, more regulations and what do these involve? >> well, these are the ones that we've expected for some time. they've just come down to the wire and now we've learn a new provision will require bank executives to take more responsibility for the actions of their entire firm. it's called ceoantestation. it limits how banks can trade with their own money. democrats have long been calling for more accountability for executives in the wake of 2008 financial crisis. it was a provision not included in the original rule from november 2011. bank executives strongly dislike it, claiming it's impossible to know when lower level employees

are out of compliance. but treasury secretary jack lew in his speech said thursday the right, quote, tone at the top will send the right signal to the whole company. firms that reach this could see executives charged personally. regulators are expected to pass the volcker rule next week despite pushbacks from many on wall street. >> thank you very much. while wall street gets into gear for a jobs friday, the guessing game and more jitters over tapering. we'll discuss how the trade goes, next. i love having a free checked bag with my united mileageplus explorer card. i've saved $75 in checked bag fees. [ delavane ] priority boarding is really important to us. you can just get on the plane and relax. [ julian ] having a card that doesn't charge you foreign transaction fees saves me a ton of money. [ delavane ] we can go to any country and spend money the way we would in the u.s. when i spend money on this card, i can see brazil in my future. [ anthony ] i use the explorer card to earn miles in order to go visit my family, which means a lot to me.

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don't wait. call now. a big day out there in the states.

8:30 a.m. eastern will be the bottom of the november jobs report. that report will give us nonfarm payrolls and new unemployment rates. at 9:55 a.m., the michigan consumer sentiment reports across the tape. it's a key economic indicator as we approach the middle of the holiday shopping season. lastly was the october consumer credit at 3:00 p.m. today. this is how u.s. futures are faring. it looks like we'll see the end of five days of red ink across to wall street. the key is going to be this jobs report. let's get out to mark sebastian. he joins us now from chicago. staying with us, steven englander, global head of strategy at citi staying with us out of new york. mark, if we get 180,000 on the jobs numbers, is the market going to sell off? >> i doubt it. i think at this point, a number give on or take 25 grand is probably baked in. i think we need a major outliar for any kind of market sell-off. so if we get a huge beat with huge revisions in the past, i

think the bond market might get into turmoil and we could make a run at 3% yield on a ten-year. that's where you could see a sell-off. as long as things stay somewhere near expectations give or take 25,000, i don't think the jobs report is going to be ta big of a deal. i think we're pricing in the taper in the march time frame. i don't think a number give or take 25 grand changes that much. >> those here in the march camp like yourself are concerned about the consumer story. we're concerned about weakness numbers. do you think there is a reach issue around the consumer that we start to get higher and interest rates are going to stop spending or stop buying into the housing market? >> well, you know, that will be interesting. i think it depends how the interest rate markets move. as we start to rally, you actually should get -- you should see a big movement into the housing market. you'll see a little bit of a pop.

then things might actually normalize. will the market sell off? how ridiculous is that? long-term, a growing economy is a good thing. the fed out of the way, a year from now, we will be higher than what you are now if these numbers are really good. >> and we've seen just in the last couple of hours of trade, this seems to be a market suggesting that we are going to see a stronger payrolls number. >> what's interesting is if you look at the option market, it's expecting a move about $15, say, from yesterday's close. so the s&p closed 1785. so we're looking at 1760 to 1800. an outliar would be anything over a 11% move. i think that we're probably looking at more like a 10-point move. we're up about seven handles in the s&p 500. if the number is anywhere close to that, based on adp and ism, i

think we're at a bit of a dud. any type of sell-off i would probably be looking to buy on weakness because we've seen the fed when the s&p sells off, they back off taper talks. so i would be willing to step in. >> steven, come in here. dollar trade again? >> look, i think the numbers are likely to be firm. i agree with mark, unless it's a real blowout number that panics the market, the market will be able to deal with it and the fed will be giving a light taper. so say on any number below 225,000, i think the dollar against the yen will be good. i think the dollar against the aussie, the dollar against the canadian dollar will do just fine. the key, i think, is that the market continues to believe that the policy rates will be low for the extended period and volatility remain low. >> thank you so much for joining us, gentlemen. mark sebastian and our guest host, steven englander, at citi.

and that's all for today's show. i'm karen tso. thanks for watching "worldwide exchange." ♪ that's mine. that's mine. ♪ come on, kyle. ♪ [ horn honks ] that's mine...kyle. [ male announcer ] revenge is best served with 272 horses. get the best offers of the season now. lease this 2014 ats for around $299 a month with premium care maintenance included. ♪

good morning. our top story today, the world mourns nelson mandela. the icon has died at age 95. one of the last major data points before the fed's final day of the year, and it's after that that number that raised eyebrows yesterday, that big gdp report. it's friday, december 6th, 2013. "squawk box" begins right now. good morning, everyone. welcome to "squawk box" here on

cnbc. i'm becky quick along with joe kernen and steve liesman, in for andrew ross sorkin. investors are awaiting the jobs report out at 8:30 eastern time. a dow jones survey finds that the economy probably added 180,000 jobs last month. the unemployment rate is seen slipping 7.2%. we'll talk more about market expectations in just a few minutes, but we begin this morning with our top story. nelson mandela spent 27 years in prison, led his country to democracy and became its first black president. he died at home yesterday at the age of 95. chris takes a look at mandela's life and legacy. >> history books will remember nelson mandela as one of the world' most prominent crusaders for black rights, the son of an african tribal chief, nelson mandela gave up a comfortable life and his hereditary lights to be a tribal leader to become a political